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Hot Stocks
PHX Energy Services receives TSX approval for renewal of NCIB » 07:59
08/11/21
08/11
07:59
08/11/21
07:59
PHXHF

PHX Energy Services

$3.42 /

+0.19691 (+6.11%)

PHX Energy Services…

PHX Energy Services announced that the Toronto Stock Exchange has accepted PHX Energy's notice of intention to renew its normal course issuer bid for a further one-year term. The previous NCIB expired on August 13, 2021. Pursuant to the Corporation's previous NCIB, the Corporation purchased in the open market through the facilities of the TSX and through other alternative Canadian trading platforms and cancelled an aggregate of 3,131,388 common shares of the Corporation at an average price paid of $1.58 per Common Share, which represents all the approved securities available for repurchase under the previous NCIB. Under the renewed NCIB, PHX Energy may purchase for cancellation, from time to time, as PHX Energy considers advisable, up to a maximum of 3,679,797 Common Shares, which represents 10% of the Corporation's public float of 36,797,979 Common Shares as at August 6, 2021. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by PHX Energy, subject to a maximum daily purchase limitation of 23,467 Common Shares which equates to 25% of PHX Energy's average daily trading volume of 93,868 Common Shares for the six months ended July 31, 2021. PHX Energy may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by PHX Energy under the NCIB will be cancelled. The NCIB will commence on August 16, 2021 and will terminate on August 15, 2022 or such earlier time as the NCIB is completed or terminated at the option of PHX Energy. PHX Energy may enter into an automatic securities purchase plan in connection with the NCIB which would permit the Corporation to repurchase its Common Shares during periods of blackout or other periods in which the Corporation would not ordinarily be permitted to repurchase its Common Shares. Such automatic securities purchase plan would be subject to certain parameters set by the Corporation from time to time which would govern the automatic purchase of Common Shares.

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PHXHF PHX Energy Services
$3.42 /

+0.19691 (+6.11%)

PHXHF PHX Energy Services
$3.42 /

+0.19691 (+6.11%)

08/05/21 BMO Capital
PHX Energy Services price target raised to C$6.25 from C$5.50 at BMO Capital
08/05/21 Stifel
PHX Energy Services price target raised to C$6.50 from C$5.75 at Stifel
06/09/21 BMO Capital
PHX Energy Services upgraded to Outperform from Market Perform at BMO Capital
02/25/21 BMO Capital
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital
Recommendations
PHX Energy Services price target raised to C$6.25 from C$5.50 at BMO Capital » 12:46
08/05/21
08/05
12:46
08/05/21
12:46
PHXHF

PHX Energy Services

$3.22 /

+ (+0.00%)

BMO Capital analyst John…

BMO Capital analyst John Gibson raised the firm's price target on PHX Energy Services to C$6.25 from C$5.50 and keeps an Outperform rating on the shares.

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PHXHF PHX Energy Services
$3.22 /

+ (+0.00%)

PHXHF PHX Energy Services
$3.22 /

+ (+0.00%)

08/05/21 Stifel
PHX Energy Services price target raised to C$6.50 from C$5.75 at Stifel
06/09/21 BMO Capital
PHX Energy Services upgraded to Outperform from Market Perform at BMO Capital
02/25/21 BMO Capital
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital
12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
Recommendations
PHX Energy Services price target raised to C$6.50 from C$5.75 at Stifel » 12:31
08/05/21
08/05
12:31
08/05/21
12:31
PHXHF

PHX Energy Services

$3.22 /

+ (+0.00%)

Stifel analyst Cole…

Stifel analyst Cole Pereira raised the firm's price target on PHX Energy Services to C$6.50 from C$5.75 and keeps a Buy rating on the shares.

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PHXHF PHX Energy Services
$3.22 /

+ (+0.00%)

PHXHF PHX Energy Services
$3.22 /

+ (+0.00%)

06/09/21 BMO Capital
PHX Energy Services upgraded to Outperform from Market Perform at BMO Capital
02/25/21 BMO Capital
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital
12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
Over a quarter ago
Upgrade
PHX Energy Services upgraded to Outperform from Market Perform at BMO Capital » 20:29
06/09/21
06/09
20:29
06/09/21
20:29
PHXHF

PHX Energy Services

$3.42 /

+0.1003 (+3.02%)

BMO Capital analyst John…

BMO Capital analyst John Gibson upgraded PHX Energy Services to Outperform from Market Perform with a price target of C$5.50, up from C$4.25. The stock has performed well in the past few quarters thanks to the company's differentiated technology offering, the analyst tells investors in a research note, adding that PHX Energy also holds a "pristine" balance sheet while its valuation at less than 3-times enterprise value to expected EBITDA is at the lowest level in his coverage group.

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PHXHF PHX Energy Services
$3.42 /

+0.1003 (+3.02%)

PHXHF PHX Energy Services
$3.42 /

+0.1003 (+3.02%)

02/25/21 BMO Capital
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital
12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
Hot Stocks
PHX Energy Services increases 2021 capital expenditure program » 08:15
04/09/21
04/09
08:15
04/09/21
08:15
PHXHF

PHX Energy Services

$2.23 /

+ (+0.00%)

PHX Energy Services…

PHX Energy Services announces that its Board of Directors has approved a $10M increase to the Corporation's 2021 capital expenditure program and anticipates allocating $8M of this increase towards growth capital and $2M towards maintenance. With this increase the Corporation now anticipates spending $25M in capital expenditures during the 2021-year. PHX Energy expects to dedicate the additional capital expenditures to the growth of the Velocity Real Time System and Atlas high performance drilling motor fleets. The company said, "In the first quarter of 2021, the Corporation has experienced an uptick in activity from the last quarter of 2020 as industry activity has continued to rebound. Both Velocity and Atlas continue to be in high demand and the Corporation anticipates further strengthening in both Canada and the US in the later half of the year. With this anticipated level of demand in North America and the recently announced new technology partnership in the Middle East North Africa regions, PHX Energy believes its fleet would reach capacity in the second half of 2021." The increase to its 2021 Program will provide equipment to meet the anticipated demand within its global operations. Additionally, there are sizes of equipment required in the MENA region that differ from those in North America and a portion of the expenditures will be directed towards equipping the MENA fleet with the capabilities to meet these requirements. The 2021 program is expected to be financed from a combination of cash flow from operations and the Corporation's cash on its balance sheet.

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PHXHF PHX Energy Services
$2.23 /

+ (+0.00%)

PHXHF PHX Energy Services
$2.23 /

+ (+0.00%)

02/25/21 BMO Capital
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital
12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
Hot Stocks
PHX Energy Services enters technology partnership with National Energy Services » 07:50
03/25/21
03/25
07:50
03/25/21
07:50
PHXHF

PHX Energy Services

$0.00 /

+ (+0.00%)

, NESR

National Energy Services

$11.87 /

+0.375 (+3.26%)

PHX Energy Services…

PHX Energy Services (PHXHF) announced it has entered into a technology partnership with National Energy Services Reunited Corp (NESR). Pursuant to the Partnership, PHX Energy will provide its premium downhole technology, namely the Corporation's Atlas High Performance Motors and Velocity Systems, for use in NESR's directional drilling operations in the Middle East and North Africa. Through the Partnership, these same advantages will become accessible to operators in NESR's international markets and PHX Energy and NESR will work in collaboration to deliver directional drilling solutions that provide the same step change in performance that is now demanded in North American drilling operations. A series of preliminarily wells in the Middle East are being drilled using the Corporation's technology, with the first recently completed and breaking the current operating record in the area.

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PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

NESR National Energy Services
$11.87 /

+0.375 (+3.26%)

PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

02/25/21 BMO Capital
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital
12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
NESR National Energy Services
$11.87 /

+0.375 (+3.26%)

02/25/21 Barclays
National Energy Services price target raised to $22 from $17 at Barclays
NESR National Energy Services
$11.87 /

+0.375 (+3.26%)

Recommendations
PHX Energy Services price target raised to C$3.25 from C$3 at BMO Capital » 12:16
02/25/21
02/25
12:16
02/25/21
12:16
PHXHF

PHX Energy Services

$0.00 /

+ (+0.00%)

BMO Capital analyst John…

BMO Capital analyst John Gibson raised the firm's price target on PHX Energy Services to C$3.25 from C$3 and keeps a Market Perform rating on the shares.

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PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
08/06/20 BMO Capital
PHX Energy Services price target raised to C$1.25 from C$0.75 at BMO Capital
Hot Stocks
PHX Energy Services announces sale of Russian operations for C$4.2M » 07:41
12/14/20
12/14
07:41
12/14/20
07:41
PHXHF

PHX Energy Services

$0.00 /

+ (+0.00%)

PHX Energy Services…

PHX Energy Services announced that it has entered into a preliminary sale and purchase agreement with Well Tech Services, a company incorporated under the laws of the Russian Federation, for the sale of its Russian operations to the Purchaser. Under the Transaction, the Purchaser will acquire all of the outstanding shares of Phoenix TSR, an indirect wholly-owned subsidiary of PHX Energy. The Transaction is expected to be completed late in the first quarter of 2021, subject to satisfaction of certain conditions including execution of a final agreement, a stipulated minimum working capital requirement and the preparation and delivery of customary closing documentation. The agreed purchase price for the disposition is 240,000,000 Russian Rubles, or approximately C$4.2M using an exchange rate of 57.392. Upon completion, the Corporation intends to apply the net proceeds from the Transaction to partially fund its 2021 capital expenditure program. Phoenix TSR was established in Russia a decade ago and over this time has built a positive reputation. The sale of Phoenix TSR will strengthen our balance sheet and cash position and is aligned with our strategy to operate our high-performance technologies in the most lucrative basins in the world, benefitting from the higher margins generated. This divestment will allow our personnel to focus on our objectives to continue gaining market share and assist our customers' in their efforts to constantly drill faster.

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PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

12/08/20 BMO Capital
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital
11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
08/06/20 BMO Capital
PHX Energy Services price target raised to C$1.25 from C$0.75 at BMO Capital
Recommendations
PHX Energy Services price target raised to C$2.75 from C$1.75 at BMO Capital » 11:39
12/08/20
12/08
11:39
12/08/20
11:39
PHXHF

PHX Energy Services

$0.00 /

+ (+0.00%)

BMO Capital analyst John…

BMO Capital analyst John Gibson raised the firm's price target on PHX Energy Services to C$2.75 from C$1.75 and keeps a Market Perform rating on the shares.

ShowHide Related Items >><<
PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
08/06/20 BMO Capital
PHX Energy Services price target raised to C$1.25 from C$0.75 at BMO Capital
05/14/20 Scotiabank
PHX Energy Services price target raised to C$2.25 from C$2 at Scotiabank
Hot Stocks
PHX Energy Services announces 2021 capex program, reinstatement of dividend » 09:08
12/07/20
12/07
09:08
12/07/20
09:08
PHXHF

PHX Energy Services

$0.00 /

+ (+0.00%)

PHX Energy Services is…

PHX Energy Services is pleased to provide an operational update as well as announce that its Board of Directors has approved the reinstatement of a quarterly dividend program and its 2021 capital expenditures program. The company said, "The 2020-year has been unprecedented due to the impact of COVID-19 on the global economy and the decline in energy demand, commodity prices and rig counts. Knowing the cyclical nature of the energy industry, one of our ongoing strategies is to always be positioned for the next downturn. This includes protecting and building balance sheet strength and focusing on being a vital provider in Operators' drive for drilling efficiency. As a result of these objectives, we entered this volatile time with one of the strongest balance sheets in the energy services sector and with a strong reputation as a leader in premium technologies and operational performance. This has allowed us to not only survive in these trying times but to outperform and achieve financial and operational successes. In a time when US rig counts hit historical lows, we are growing our market share because of the strength of our technology and expertise of our personnel, and today, we are arguably the most active directional provider in the largest basin in the US, the Permian. In Canada we are continuing to maintain our healthy market share despite the persistent challenges of this market. As a result of our swift actions to protect our financial position at the onset of what became the worst downturn in the energy industry's history, we have generated positive cash flows as well as eliminated all bank debt and hold cash and cash equivalents of $18.9 million as at September 30, 2020. Additionally, we have leveraged our NCIB as a tool to enhance total long-term shareholder returns by purchasing and cancelling approximately 5% of our shares outstanding during the 2020 fiscal year, and since December 31, 2017 we have repurchased and cancelled approximately 15% of shares outstanding. We have diligently worked over the past few years to build a business model that allows us to further enhance shareholder returns even in a down market, and as a result, we are pleased to announce that our Board has approved the reinstatement of a quarterly dividend program effective immediately. The Board has declared a cash dividend of $0.025 per common share designated as an "eligible dividend" within the meaning of subsection 89(1) of the Income Tax Act, and payable on January 15, 2021, to shareholders of record at the close of business on December 31, 2020. The ex-dividend date is December 30, 2020. We believe we have built financial strength that can sustain a capital allocation strategy that includes a quarterly dividend as a further way to reward shareholders as we continue to differentiate ourselves from other energy service providers. Additionally, the Board has approved our preliminary 2021 capital expenditure program of $15 million. The Program is anticipated to principally be allocated toward expanding PHX Energy's Velocity and Atlas high performance drilling technology fleets, with $7 million expected to be allocated toward growth expenditures and $8 million expected to be allocated towards maintenance expenditures. Exiting 2020, the industry rig counts are slowly recovering from the all-time lows experienced and we are also seeing a similar trend in our operations in the fourth quarter. With North American rig counts forecasted to slightly improve in 2021, we anticipate our activity levels will remain steady and our premium technologies will continue to be in high demand. The additional fleet capacity that will result from the Program is expected to meet this demand and allow for continued growth. We are cautiously optimistic for 2021, knowing the volatility of the current environment, and anticipate we will continue to strengthen our enviable position as both a financial and operational leader."

ShowHide Related Items >><<
PHXHF PHX Energy Services
$0.00 /

+ (+0.00%)

11/05/20 Stifel
PHX Energy Services price target raised to C$2.25 from C$2 at Stifel
11/05/20 BMO Capital
PHX Energy Services price target raised to C$1.75 from C$1.25 at BMO Capital
08/06/20 BMO Capital
PHX Energy Services price target raised to C$1.25 from C$0.75 at BMO Capital
05/14/20 Scotiabank
PHX Energy Services price target raised to C$2.25 from C$2 at Scotiabank

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